XXXX vs. MUU

Last updated Apr 3, 2026

Compare and contrast key facts about MAX S&P 500 4X Leveraged ETN (XXXX) and Direxion Daily MU Bull 2X Shares (MUU).

XXXX and MUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XXXX is a passively managed fund by Max that tracks the performance of the S&P 500. It was launched on Dec 4, 2023. MUU is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

XXXX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

XXXX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XXXX MAX S&P 500 4X Leveraged ETN	-21.59%	17.36%	-0.79%
MUU Direxion Daily MU Bull 2X Shares	39.93%	599.03%	-43.09%

Returns By Period

In the year-to-date period, XXXX achieves a -21.59% return, which is significantly lower than MUU's 39.93% return.

XXXX

• 1D: 0.33%
• 1M: -16.18%
• YTD: -21.59%
• 6M: -22.09%
• 1Y: 18.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -0.95%
• 1M: -12.73%
• YTD: 39.93%
• 6M: 197.78%
• 1Y: 899.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XXXX vs. MUU - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than MUU's 1.06% expense ratio.

XXXX

MAX S&P 500 4X Leveraged ETN

MUU

Direxion Daily MU Bull 2X Shares

Return for Risk

XXXX vs. MUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XXXX

XXXX Risk / Return Rank: 23
XXXX Sharpe Ratio Rank: 18
XXXX Sortino Ratio Rank: 26
XXXX Omega Ratio Rank: 28
XXXX Calmar Ratio Rank: 20
XXXX Martin Ratio Rank: 21

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 99
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XXXX vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) and Direxion Daily MU Bull 2X Shares (MUU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	XXXX	MUU	Difference
Sharpe ratio Return per unit of total volatility	0.25	6.96	-6.71
Sortino ratio Return per unit of downside risk	0.87	3.85	-2.99
Omega ratio Gain probability vs. loss probability	1.13	1.51	-0.38
Calmar ratio Return relative to maximum drawdown	0.49	16.99	-16.50
Martin ratio Return relative to average drawdown	1.69	47.56	-45.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. MUU - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 0.25, which is lower than the MUU Sharpe Ratio of 6.96. The chart below compares the historical Sharpe Ratios of XXXX and MUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XXXX	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	6.96	-6.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.75	-1.32

Correlation

The correlation between XXXX and MUU is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XXXX vs. MUU - Dividend Comparison

XXXX has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 3.46%.

	TTM	2025	2024
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	3.46%	4.27%	0.31%

Drawdowns

XXXX vs. MUU - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for XXXX and MUU.

Drawdown Indicators

	XXXX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-75.07%	+12.80%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-52.72%	+15.47%
Current Drawdown Current decline from peak	-27.85%	-39.50%	+11.65%
Average Drawdown Average peak-to-trough decline	-12.08%	-25.12%	+13.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.45%	18.83%	-6.38%

Volatility

XXXX vs. MUU - Volatility Comparison

The current volatility for MAX S&P 500 4X Leveraged ETN (XXXX) is 21.06%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 46.09%. This indicates that XXXX experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.06%	46.09%	-25.03%
Volatility (6M) Calculated over the trailing 6-month period	37.76%	98.10%	-60.34%
Volatility (1Y) Calculated over the trailing 1-year period	72.26%	130.62%	-58.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.70%	127.52%	-65.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.70%	127.52%	-65.82%